Bring a large pot of salted water to a boil. Cook linguine until al dente. Reserve 0.5 cup pasta water, then drain.
Pat shrimp dry. Toss with 1.5 teaspoons Cajun seasoning, smoked paprika, garlic powder, kosher salt, and black pepper.
Heat olive oil and butter in a large skillet over medium-high. Sear shrimp 1.5 to 2 minutes per side until pink and just cooked through. Transfer to a plate.
In the same skillet, add onion and bell pepper. Sauté 3 to 4 minutes until softened. Stir in garlic and cook 30 seconds until fragrant.
Stir in tomato paste and cook 30 seconds. Pour in chicken broth, scraping up browned bits. Simmer 1 to 2 minutes.
Reduce heat to medium-low. Add heavy cream and the remaining 0.5 teaspoon Cajun seasoning and cayenne. Simmer gently 2 to 3 minutes until slightly thickened.
Stir in Parmesan until melted and smooth. Season to taste with additional salt and pepper. Add a splash of reserved pasta water if needed to loosen.
Add shrimp and cooked pasta to the skillet. Toss to coat. Stir in lemon juice and parsley and cook 1 minute to heat through.
Serve immediately, garnished with extra Parmesan and parsley if desired.
Notes
Adjust heat by increasing or reducing cayenne. For extra richness, add an additional 0.25 cup cream. Leftovers keep up to 2 days refrigerated; reheat gently with a splash of broth or water.